What Is an Insolvency Administrator?

The bankruptcy administrator refers to a specialized institution that takes over the bankruptcy property under the command and supervision of the court in a bankruptcy case and is responsible for its custody, liquidation, valuation, processing and distribution. It is also called "bankruptcy liquidation group" in China's current legislation. In bankruptcy cases, the management and liquidation of bankruptcy property is heavy and complicated. A large number of legal affairs are mixed with non-legal affairs that are more professional and technical. It is far from the human and material capacity of the court, and the court is independent. The judiciary is of a public law nature, but the management, price change, and distribution of bankruptcy property are matters of private law, and therefore should not be handled by a court.

Bankruptcy administrator

bankruptcy administrator | Trustee in bankruptcy | insolvency administrator | receiver

In addition,

In the bankruptcy legislation or commercial codes of various countries, there are corresponding provisions for the system of bankruptcy administrators. The origin of the bankruptcy administrator system can be traced back to the ancient Roman era. At the time, the prevailing creditor's

when

Regarding the selection of bankruptcy administrators, there are three types of legislation in each country:

Making clear legal provisions on the qualifications of bankruptcy administrators is to ensure that the bankruptcy administrators have good professional quality and moral conditions, and guarantee

China's bankruptcy legislation has neither

The difference between an insolvency representative and a liquidation team

Bankruptcy representative institutions were established at different times

The liquidation group is established within 15 days from the date when the people's court declares the bankruptcy of the enterprise; the bankruptcy administrator is established when the people's court decides to accept the bankruptcy application.

Bankruptcy administrators have different functions

The liquidation team only pays attention to the bankruptcy liquidation function; the bankruptcy administrator not only pays attention to the bankruptcy liquidation function, but also pays attention to the procedural functions such as bankruptcy reorganization and reconciliation.

Different members of the insolvency representative

The composition of the liquidation team must be two or more, and they are mainly members of government agencies; the composition of the bankruptcy administrator can be one, and the members of the social intermediary agency are the main members.

Bankruptcy administrator members pay differently for work

Generally speaking, the work of the liquidation team staff is unpaid and they have no right to claim remuneration; the bankruptcy administrator has the right to demand remuneration.

Bankruptcy administrators have different legal responsibilities

If the liquidation team violates the legal provisions and causes the interests of the parties to damage, they generally only bear the responsibility of being dismissed, and do not bear the responsibility for damages; if the bankruptcy administrator violates the laws and causes the parties to damage the interests of the parties, they shall bear the liability for compensation.